Federal Register / Vol. 89, No. 246 / Monday, December 23, 2024 / Notices 104587 

20Unlike other market participants, Market 

Makers are subject to market making and quoting 

obligations. See Options 2, Sections 4 and 5. 

21 15 U.S.C. 78s(b)(3)(A)(ii). 

22 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 ‘‘Specialized Quote Feed’’ or ‘‘SQF’’ is an 

interface that allows Market Makers to connect, 

send, and receive messages related to quotes, 

Immediate-or-Cancel Orders, and auction responses 

into and from the Exchange. Features include the 

following: (1) options symbol directory messages 

(e.g., underlying instruments); (2) system event 

messages (e.g., start of trading hours messages and 

start of opening); (3) trading action messages (e.g., 

halts and resumes); (4) execution messages; (5) 

quote messages; (6) Immediate-or-Cancel Order 

messages; (7) risk protection triggers and purge 

notifications; (8) opening imbalance messages; (9) 

auction notifications; and (10) auction responses. 

The SQF Purge Interface only receives and notifies 

of purge requests from the Market Maker. Market 

Makers may only enter interest into SQF in their 

assigned options series. Immediate-or-Cancel 

Orders entered into SQF are not subject to the Order 

Price Protection, Market Order Spread Protection, 

Continued 

necessary or appropriate in furtherance 

of the purposes of the Act. 

Intra-Market Competition 

The Exchange believes that the 

proposed pricing does not put any 

market participants at a relative 

disadvantage compared to other market 

participants. As noted above, the 

Exchange would apply the proposed 

10% increase to the SQF Port and the 

SQF Purge Port fee to all Market Makers 

uniformly. Market Makers are the only 

market participants that are assessed an 

SQF Port Fee and an SQF Purge Port Fee 

because they are the only market 

participants that are permitted to quote 

on the Exchange.20 These liquidity 

providers are critical market 

participants in that they are the only 

market participants that provide 

liquidity to the Exchange on a 

continuous basis. SQF Ports and SQF 

Purge Ports are only utilized in a Market 

Maker’s assigned options series. 

Intermarket Competition 

The Exchange believes that the 

proposed pricing does not impose an 

undue burden on intermarket 

competition or on other SROs that is not 

necessary or appropriate. In determining 

the proposed pricing, the Exchange 

utilized an objective and stable metric 

with limited volatility. Utilizing Data 

PPI over a specified period of time is a 

reasonable means of recouping the 

Exchange’s investment in maintaining 

and enhancing its port offerings such as 

the SQF Ports and SQF Purge Ports. The 

Exchange believes utilizing Data PPI, a 

tailored measure of inflation, to increase 

the fees for the SQF Port and SQF Purge 

Port to recoup the Exchange’s 

investment in maintaining and 

enhancing such offerings does not 

impose a burden on intermarket 

competition. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act.21

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is: (i) necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) otherwise in 

furtherance of the purposes of the Act. 

If the Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NASDAQ–2024–081 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to file 

number SR–NASDAQ–2024–081. This 

file number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–NASDAQ–2024–081 and should be 

submitted on or before January 13, 2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–30521 Filed 12–20–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101942; File No. SR–BX– 

2024–056] 

Self-Regulatory Organizations; Nasdaq 

BX, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend BX Options 7, 

Section 3 

December 17, 2024 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on December 

3, 2024, Nasdaq BX, Inc. (‘‘BX’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III below, which Items have been 

prepared by the Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to increase 

the Exchange’s port pricing in Options 

7, Section 3 for the Specialized Quote 

Feed (‘‘SQF’’) 3 Ports and SQF Purge 

Ports. 


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104588 Federal Register / Vol. 89, No. 246 / Monday, December 23, 2024 / Notices 

or Size Limitation Protection in Options 3, Section 

15(a)(1), (a)(2), and (b)(2) respectively. See Options 

3, Section 7(e)(1)(B). 

4The Exchange initially filed this fee proposal as 

SR–BX–2024–044 on October 18, 2024. On 

December 3, 2024, the Exchange withdrew SR–BX– 

2024–044 and replaced it with this fee change. 

5The term ‘‘BX Options Market Maker’’ or (‘‘M’’) 

is a Participant that has registered as a Market 

Maker on BX Options pursuant to Options 2, 

Section 1, and must also remain in good standing 

pursuant to Options 2, Section 9. In order to receive 

Market Maker pricing in all securities, the 

Participant must be registered as a BX Options 

Market Maker in at least one security. See Options 

7, Section 1(a). 

6See Securities Exchange Act Release No. 76952 

(January 21, 2016), 81 FR 4721 (January 27, 2016) 

(SR–BX–2016–003). 

7See Securities Exchange Act Release No. 83192 

(May 9, 2018), 83 FR 22563 (May 15, 2018) (SR– 

BX–2018–017). 

8See https://fred.stlouisfed.org/seriesBeta/ 

PCU51825182#0. 

9See https://www.bls.gov/ppi/overview.htm. 

10See id. 

11NAICS appears in table 5 of the PPI Detailed 

Report and is available at https://data.bls.gov/ 

timeseries/PCU518210518210. 12See https://www.bls.gov/ppi/factsheets/ 

producer-price-index-for-the-data-processing-andrelated-servicesindustry-naics-518210.htm. 

While these amendments are effective 

upon filing, the Exchange has 

designated the proposed amendments to 

be operative on January 1, 2025.4

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/bx/rules, at the principal office 

of the Exchange, and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of the proposed rule 

change is to amend Options 7, Section 

3 to increase the Exchange’s SQF Port 

Fee by 10% and SQF Purge Port Fee by 

9%. 

Options 7, Section 3 includes the 

Exchange’s fees that relate to the SQF 

Ports and SQF Purge Ports that Market 

Makers 5 use to connect to the Exchange 

to send quotes. Today, BX assesses an 

SQF Port Fee and an SQF Purge Port Fee 

of $500 per port, per month fee. With 

this proposal, BX would assess Market 

Makers an SQF Port Fee of $550 per 

port, per month (a 10% increase from 

$500), and an SQF Purge Port Fee of 

$545 per port, per month (a 9% increase 

from $500). 

The proposed SQF Port Fee and SQF 

Purge Port Fee increases would enable 

the Exchange to maintain and improve 

its market technology and services to 

remain competitive with its peers. Over 

the years, customer demand for risk 

protections and capacity has increased. 

The Exchange continues to invest in 

maintaining, improving, and enhancing 

its port protocols like SQF Ports and 

SQF Purge Ports–for the benefit and 

often at the behest of its customers. 

Such enhancements include refreshing 

hardware, upgrading risk protections 

and information security, and offering 

customers additional capacity. 

Nevertheless, the Exchange has not 

increased BX’s SQF Port Fee since 

2016,6 and has not increased its SQF 

Purge Port Fee since 2018 7 where 

inflation has been roughly 13% since 

2016 and 9% since 2018, respectively, 

as measured using the metric described 

below. As such, the Exchange proposes 

to increase its SQF Port Fee by 10%, 

with respect to inflation that has 

occurred since 2016, and its SQF Purge 

Port Fee by 9%, with respect to inflation 

that has occurred since 2018, to align 

with the foregoing fee increases. 

As discussed below, the Exchange 

proposes to adjust its pricing by an 

industry- and product-specific 

inflationary measure. It is reasonable 

and consistent with the Act for the 

Exchange to recoup its investments, at 

least in part, by adjusting its pricing. 

Continuing to operate at pricing frozen 

at 2016 and 2018 levels, respectively, 

impacts the Exchange’s ability to 

enhance its offerings and the interests of 

market participants and investors. 

The pricing increases the Exchange 

proposes are based on an industryspecific Producer Price Index (‘‘PPI’’), 

which is a tailored measure of 

inflation.8 As a general matter, the 

Producer Price Index is a family of 

indexes that measures the average 

change over time in selling prices 

received by domestic producers of 

goods and services. PPI measures price 

change from the perspective of the 

seller. This contrasts with other metrics, 

such as the Consumer Price Index 

(‘‘CPI’’), that measure price change from 

the purchaser’s perspective.9 About 

10,000 PPIs for individual products and 

groups of products are tracked and 

released each month.10 PPIs are 

available for the output of nearly all 

industries in the goods-producing 

sectors of the U.S. economy—mining, 

manufacturing, agriculture, fishing, and 

forestry—as well as natural gas, 

electricity, and construction, among 

others. The PPI program covers 

approximately 69 percent of the service 

sector’s output, as measured by revenue 

reported in the 2017 Economic Census. 

For purposes of this proposal, the 

relevant industry-specific PPI is the 

Data Processing and Related Services 

PPI (‘‘Data PPI’’), which is an industry 

net-output PPI that measures the 

average change in selling prices 

received by companies that provide data 

processing services. The Data PPI was 

introduced in January 2002 by the 

Bureau of Labor Statistics (‘‘BLS’’) as 

part of an ongoing effort to expand 

Producer Price Index coverage of the 

services sector of the U.S. economy and 

is identified as NAICS—518210 in the 

North American Industry Classification 

System.11 According to the BLS ‘‘[t]he 

primary output of NAICS 518210 is the 

provision of electronic data processing 

services. In the broadest sense, 

computer services companies help their 

customers efficiently use technology. 

The processing services market consists 

of vendors who use their own computer 

systems—often utilizing proprietary 

software—to process customers’ 

transactions and data. Companies that 

offer processing services collect, 

organize, and store a customer’s 

transactions and other data for recordkeeping purposes. Price movements for 

the NAICS 518210 index are based on 

changes in the revenue received by 

companies that provide data processing 

services. Each month, companies 

provide net transaction prices for a 

specified service. The transaction is an 

actual contract selected by probability, 

where the price-determining 

characteristics are held constant while 

the service is repriced. The prices used 

in index calculation are the actual 

prices billed for the selected service 

contract.’’ 12

The Exchange believes the Data PPI is 

an appropriate measure to be considered 

in the context of the proposed pricing 

changes because the Exchange uses its 

‘‘own computer systems’’ and 

‘‘proprietary software,’’ i.e., its own data 

center and proprietary matching engine 

software, respectively, to collect, 

organize, store and report customers’ 

transactions in U.S. options securities 

on the Exchange’s proprietary trading 

platform. In other words, the Exchange 


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13See https://www.usinflationcalculator.com/. 

14See supra discussion of SQF Port and SQF 

Purge Port enhancements. Additionally, other 

exchanges have filed for increases in certain fees, 

based in part on comparisons to inflation. See, e.g., 

Securities Exchange Act Release Nos. 34–100994 

(September 10, 2024), 89 FR 75612 (September 16, 

2024) (SR–NYSEARCA–2024–79); and 34–101519 

(November 5, 2024), 89 FR 89071 (November 12, 

2024) (SR-CboeBYX–2024–039). 

15 15 U.S.C. 78f(b). 

16 15 U.S.C. 78f(b)(4) and (5). 

17See https://www.officialdata.org/us/inflation/ 

2015?amount=1. 

18See https://www.officialdata.org/us/inflation/ 

2015?amount=1. 

19Unlike other market participants, Market 

Makers are subject to market making and quoting 

obligations. See Options 2, Sections 4 and 5. 

is in the business of data processing and 

related services via its data center and 

proprietary matching engine software. 

For purposes of this proposed rule 

change, with respect to the SQF Port 

Fee, the Exchange examined the Data 

PPI value for the period from January 

2016 to October 2024 (when the subject 

pricing was adopted). The Data PPI had 

a starting value of 103.300 in January 

2016 and an ending value of 115.902 in 

October 2024, a 12.60% increase. For 

purposes of this proposed rule change, 

with respect to the SQF Purge Port Fee, 

the Exchange examined the Data PPI 

value for the period from May 2018 to 

October 2024 (when the subject pricing 

was adopted). The Data PPI had a 

starting value of 107.000 in May 2018 

and an ending value of 115.902 in 

October 2024, a 8.90% increase. This 

data indicates that companies who are 

also in the data storage and processing 

business have generally increased prices 

for a specified service covered under 

NAICS 518210 by an average of 12.60% 

and 8.90%, respectively, during the 

periods noted above. Based on that 

percentage change, the Exchange 

proposes to make a one-time fee 

increase of 10% for the SQF Ports and 

a one-time fee increase of 9% for the 

SQF Purge Ports, which reflects an 

increase covering the entire period since 

the last price adjustments to the SQF 

Port Fee and the SQF Purge Port Fee 

were made. 

The Exchange further believes the 

Data PPI is an appropriate measure for 

purposes of the proposed rule change on 

the basis that it is a stable metric with 

limited volatility, unlike other 

consumer-side inflation metrics. In fact, 

the Data PPI has not experienced a 

greater than 2.16% increase for any one 

calendar year period since Data PPI was 

introduced into the PPI in January 2002. 

The average calendar year change from 

January 2002 to December 2023 was 

.62%, with a cumulative increase of 

15.67% over this 21-year period. The 

Exchange believes the Data PPI is 

considerably less volatile than other 

inflation metrics such as CPI, which has 

had individual calendar-year increases 

of more than 6.5%, and a cumulative 

increase of over 73% over the same 

period.13

The Exchange believes the Data PPI, 

and significant investments into, and 

enhanced performance of, the Exchange 

support the reasonableness of the 

proposed pricing increases.14

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,15 in general, and furthers the 

objectives of Sections 6(b)(4) and 6(b)(5) 

of the Act,16 in particular, in that it 

provides for the equitable allocation of 

reasonable dues, fees and other charges 

among members and issuers and other 

persons using any facility, and is not 

designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

This belief is based on two factors. 

First, the current pricing does not 

properly reflect the quality of the SQF 

Ports and SQF Purge Ports, as pricing 

for these port offerings have been static 

in nominal terms, and therefore falling 

in real terms due to inflation. Second, 

the Exchange believes that investments 

made in enhancing the risk protections 

and capacity of SQF Ports and SQF 

Purge Ports has increased the 

performance of these port offerings. 

The Proposed Rule Change Is 

Reasonable 

As noted above, the Exchange has not 

increased any of the fees included in the 

proposal since 2016 and 2018, 

respectively. However, in the years 

following the last fee increases, the 

Exchange has made significant 

investments in upgrades to its SQF Ports 

and SQF Purge Ports, enhancing the 

quality of its services, as measured by, 

among other things, increased capacity. 

In other words, Exchange customers 

have greatly benefitted, while the 

Exchange’s ability to recoup its 

investments has been hampered. 

Between 2016 and 2024, the inflation 

rate is 3.48% per year, on average, 

producing a cumulative inflation rate of 

31.52%.17 Also, between 2018 and 

2024, the inflation rate is 3.88% per 

year, on average, producing a 

cumulative inflation rate of 25.65%.18

Using the more targeted inflation 

number of Data PPI, the cumulative 

inflation rate was 12.60% and 8.90%, 

respectively. The Exchange believes the 

Data PPI is a reasonable metric to base 

this fee increase on because it is targeted 

to producer-side increases in the data 

processing industry. 

Notwithstanding inflation, as noted 

above, the Exchange has not increased 

its pricing of these port fees for over 

eight and six years, respectively, for the 

subject services. The proposed SQF Port 

Fee and SQF Purge Port Fee represent 

a modest increase from the current SQF 

Port Fee and SQF Purge Port Fee. The 

Exchange believes the proposed SQF 

Port Fee and SQF Purge Port Fee 

increases are reasonable in light of the 

Exchange’s continued expenditure in 

maintaining a robust technology 

ecosystem. Furthermore, the Exchange 

continues to invest in maintaining and 

enhancing its port products—for the 

benefit and often at the behest of its 

customers and global investors. Such 

enhancements include refreshing 

several aspects of the technology 

ecosystem including software, 

hardware, and network while 

introducing new and innovative 

products. The goal of the enhancements 

discussed above, among other things, is 

to provide more modern connectivity to 

the match engine. Accordingly, the 

Exchange continues to expend resources 

to innovate and modernize its 

technology so that it may benefit its 

Participants in offering SQF Ports and 

SQF Purge Ports. 

The Proposed Fees Are Equitably 

Allocated and Not Unfairly 

Discriminatory 

The Exchange believes that the 

proposal represents an equitable 

allocation of reasonable dues, fees and 

other charges because the Exchange 

pricing has fallen in real terms during 

the relevant period. The Exchange also 

believes that the proposed pricing 

increases are equitably allocated and not 

unfairly discriminatory because they 

would apply uniformly to all Market 

Makers that subscribe to the SQF Ports 

and SQF Purge Ports to quote on the 

Exchange. Market Makers are the only 

market participants that are assessed the 

SQF Port Fee and SQF Purge Port Fee 

because they are the only market 

participants that are permitted to quote 

on the Exchange.19 These liquidity 

providers are critical market 

participants in that they are the only 

market participants that provide 

liquidity to the Exchange on a 

continuous basis. SQF Ports and SQF 

Purge Ports are only utilized in a Market 

Maker’s assigned options series. 


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104590 Federal Register / Vol. 89, No. 246 / Monday, December 23, 2024 / Notices 

20Unlike other market participants, Market 

Makers are subject to market making and quoting 

obligations. See Options 2, Sections 4 and 5. 21 15 U.S.C. 78s(b)(3)(A)(ii). 

22 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed pricing changes will 

impose any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

Intra-Market Competition 

The Exchange believes that the 

proposed pricing does not put any 

market participants at a relative 

disadvantage compared to other market 

participants. As noted above, the 

Exchange would apply the proposed 

10% increase to the SQF Port and the 

proposed increase of 9% to the SQF 

Purge Port to all Market Makers 

uniformly. Market Makers are the only 

market participants that are assessed an 

SQF Port Fee and an SQF Purge Port Fee 

because they are the only market 

participants that are permitted to quote 

on the Exchange.20 These liquidity 

providers are critical market 

participants in that they are the only 

market participants that provide 

liquidity to the Exchange on a 

continuous basis. SQF Ports and SQF 

Purge Ports are only utilized in a Market 

Maker’s assigned options series. 

Intermarket Competition 

The Exchange believes that the 

proposed pricing does not impose an 

undue burden on intermarket 

competition or on other SROs that is not 

necessary or appropriate. In determining 

the proposed pricing, the Exchange 

utilized an objective and stable metric 

with limited volatility. Utilizing Data 

PPI over a specified period of time is a 

reasonable means of recouping the 

Exchange’s investment in maintaining 

and enhancing its port offerings such as 

the SQF Ports and SQF Purge Ports. The 

Exchange believes utilizing Data PPI, a 

tailored measure of inflation, to increase 

the fees for the SQF Port and the SQF 

Purge Port to recoup the Exchange’s 

investment in maintaining and 

enhancing such offerings does not 

impose a burden on intermarket 

competition. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act.21

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is: (i) necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) otherwise in 

furtherance of the purposes of the Act. 

If the Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

BX–2024–056 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to file 

number SR–BX–2024–056. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–BX–2024–056 and should be 

submitted on or before January 13, 2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–30525 Filed 12–20–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101948; File No. SR– 

NASDAQ–2024–082] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Modify AllInclusive Annual Fees for Certain 

Companies 

December 17, 2024. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on December 

3, 2024, The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to modify allinclusive annual fees for certain 

companies, as described below. While 

the changes proposed herein are 

effective upon filing, the Exchange has 

designated the proposed amendments to 

be operative on January 1, 2025. 

The text of the proposed rule change 

is available on the Exchange’s website at 


khammond on DSK9W7S144PROD with NOTICES